AMERICAS
Apollo Global Management completed the acquisition of Verizon Media, a firm comprised of iconic brands such as Yahoo and AOL, from Verizon, an American wireless network operator, for $5bn.
"We are thrilled to help unlock the tremendous potential of Yahoo and its unparalleled collection of brands. We have enormous respect and admiration for the great work and progress that the entire organization has made over the last several years, and we look forward to working with Guru, his talented team, and our partners at Verizon to accelerate Yahoo’s growth in its next chapter," Reed Rayman, Apollo Private Equity Partner.
Apollo was advised by BMO Capital Markets, Barclays, Deutsche Bank, LionTree Advisors, Mizuho Securities, RBC Capital Markets, Paul Weiss Rifkind Wharton & Garrison, Joele Frank. Debt financing was provided by BMO Capital Markets, Barclays, Deutsche Bank and Mizuho Securities. Verizon was advised by Evercore, Goldman Sachs, Freshfields Bruckhaus Deringer and Kirkland & Ellis.
Baxter, a firm that develops, manufactures, and markets products and technologies related to hemophilia, immune disorders, infectious diseases, agreed to acquire Hillrom, a medical technology company, for $10.5bn.
“Baxter and Hillrom share a common vision for transforming healthcare to better serve all patients and providers. Patients increasingly want to receive their care at home or nearby, while hospitals and other care providers are increasingly using digital health technologies to expand access, improve quality and lower costs. Baxter and Hillrom are uniting to meet the challenges of a rapidly evolving global healthcare landscape, while also creating significant value for all the stakeholders we serve. We’re very excited to welcome the Hillrom team to Baxter, and to join together to advance our mission to save and sustain lives," José E. Almeida, Baxter Chairman, President and CEO.
Baxter is advised by Citigroup, JP Morgan, Perella Weinberg Partners and Sullivan & Cromwell. Hillrom is advised by Bank of America, Goldman Sachs, Wachtell Lipton Rosen & Katz and Joele Frank. Goldman Sachs is advised by Cravath Swaine & Moore.
Performance Food Group, a foodservice distributor, completed the acquisition of Core-Mark, a distributor of fresh, chilled and frozen merchandise, for $2.5bn.
“We are very pleased to close this acquisition and welcome Core-Mark’s many talented associates to PFG. Core-Mark has proven itself to be a leader in convenience distribution and we are thrilled to add their leadership strength to the strong senior talent already driving PFG’s success in the foodservice and convenience distribution industries. We are excited to begin the integration process and start to service Core-Mark’s customers with the combined suite of brands," George Holm, PFG Chairman, President and CEO.
Core-Mark was advised by Barclays, Weil Gotshal and Manges and Joele Frank. Performance Food Group was advised by BMO Capital Markets, JP Morgan and Skadden Arps Slate Meagher & Flom. Financial advisors were advised by Cravath Swaine & Moore and Sullivan & Cromwell.
Thoma Bravo completed the acquisition of Proofpoint, a cybersecurity and compliance company, for $12.3bn.
“Proofpoint has established itself as a true powerhouse in the cybersecurity sector due to its innovative suite of market-leading products and impressive customer base of leading companies around the world. As the sophistication of cyberattacks continues to increase, Proofpoint is delivering the most effective solutions to help organizations protect their data and people across digital platforms. We look forward to partnering with the talented Proofpoint team and leveraging Thoma Bravo’s significant security and operational expertise to help accelerate the Company’s growth," Chip Virnig, Thoma Bravo Partner.
Proofpoint was advised by Morgan Stanley, Skadden Arps Slate Meagher & Flom and Joele Frank. Morgan Stanley was advised by Gibson Dunn & Crutcher. Thoma Bravo was advised by Goldman Sachs, Kirkland & Ellis and Finsbury Glover Hering. Debt financing was provided by Goldman Sachs.
Genesis Park Acquisition, a SPAC, and Redwire, a company providing mission-critical space solutions and components for space architecture, announced that GPAC's shareholders approves the previously announced $615m merger GPAC and Redwire. Approximately 97% of the votes cast at the meeting, representing approximately 73% of GPAC's outstanding shares as of the record date, voted to approve the business combination.
The combined company will operate as Redwire and its shares of common stock and warrants are expected to trade on the New York Stock Exchange beginning on September 3, 2021.
Redwire is advised by Jefferies & Company, Kirkland & Ellis and Reevemark. Genesis Park is advised by Greenhill & Co, KPMG, Sheppard Mullin Richter & Hampton and Willkie Farr & Gallagher.
Clearlake Capital and Siris-backed Constant Contact, a marketing company, completed the acquisition of SharpSpring, a provider of cloud-based marketing solutions, for c.$240m.
"Constant Contact and SharpSpring share a mission to help small businesses succeed, and this acquisition represents a powerful opportunity to combine our best-in-class email and eCommerce offerings with SharpSpring's strong suite of revenue growth and marketing automation tools. Today's Constant Contact retains the customer-first culture that defined our heritage, and I am excited to expand upon that with a commitment to innovation that will accelerate our growth and build upon the passion and agility that has made our brand a leader in digital marketing for so many years," Frank Vella, Constant Contact CEO.
Constant Contact was advised by Lazard and Sidley Austin. SharpSpring was advised by JMP Securities, Godfrey & Kahn and Gateway Investor Relations. Siris was advised by Abernathy MacGregor Group. Clearlake Capital was advised by Lambert & Co.
Southwestern Energy, a natural gas exploration and production company, completed the acquisition of Indigo Natural Resources, a natural gas producer, from Yorktown Partners, an asset management firm, for $2.7bn.
“This acquisition enhances Southwestern’s position as a leading natural gas producer and aligns with our disciplined strategy to generate free cash flow, enhance our balance sheet, optimize performance and build scale. Indigo has done a terrific job building its business, and its balance sheet strength, low cost structure and high-quality acreage position in the core of the Haynesville play accelerates the delivery of our strategic goals,” Bill Way, Southwestern Energy President and CEO.
Southwestern Energy was advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom. Goldman Sachs was advised by Cleary Gottlieb Steen & Hamilton. Indigo was advised by Credit Suisse and Kirkland & Ellis. Yorktown Partners was advised by Akin Gump Strauss Hauer & Feld.
American Public Education, a provider of higher learning dedicated, completed the acquisition of Rasmussen University, a nursing- and health sciences-focused institution, from Renovus Capital Partners, a private equity firm, for $329m.
"With our current nursing footprint of 30 campuses across eight states and a full complement of nursing programs, we are well-positioned to help address the significant, long-term nursing shortage across the country, both now and over the next several years," Angela Selden, APEI President and CEO.
Rasmussen University was advised by Lincoln International. American Public Education was advised by Hogan Lovells. Debt financing was provided by Macquarie Group. Debt provider was advised by Shearman & Sterling. Renovus was advised by Lincoln International and DLA Piper.
Macquarie Infrastructure Partners, a provider of investment advisory services, agreed to acquire a 50% stake in the 8 Massachusetts hospitals from Medical Properties Trust, a real estate investment trust, and Steward Health Care System, a physician-owned, private, for-profit health care network, for $890m.
“We are pleased to enter into this partnership with MPT. The eight hospitals that we are investing in are essential to their local communities and Steward, as operator, has clearly demonstrated the ability to transform the performance of these acute care hospitals over the last five years, so that they are now world class, well-operated healthcare infrastructure facilities. MPT is a leading global hospital owner, and our 50/50 partnership with MPT, combined with the 20-year triple net master lease with Steward, ensures that there is strong alignment across all parties with respect to the long-term performance of this portfolio," Karl Kuchel, Macquarie Infrastructure CEO.
MPT is advised by CBRE, Baker Donelson Bearman Caldwell & Berkowitz, Goodwin Procter and Joele Frank. Macquarie is advised by Mizuho Securities and Gibson Dunn & Crutcher.
Trinseo, a global materials company, completed the acquisition of Aristech Surfaces, a North America manufacturer and global provider of polymethyl methacrylates, from Falcon Private, a private investment firm, for $445m.
“Aristech is an ideal strategic fit for Trinseo and will serve as an additional catalyst for our transformation to a higher growth, higher margin and less cyclical specialty materials provider to better serve our customers worldwide," Frank Bozich, Trinseo President and CEO.
Aristech Surfaces was advised by Valence Group and Morgan Lewis & Bockius. Trinseo was advised by Centerview Partners and Reed Smith. Falcon was advised by Piper Sandler.
Quanta Services, a provider of infrastructure services for electric power, pipeline, industrial and communications industries, agreed to acquire Blattner, a renewable energy infrastructure solutions provider in North America, for $2.7bn.
"We believe what Quanta is to the electric power solutions industry, Blattner is to the utility-scale renewable energy solutions industry. Together, we will be focused on what we believe are the most attractive areas of the electric infrastructure complex. Blattner will bring an exceptional management team that we believe will enhance our ability to collaborate with our customers to shape North America's energy transition to a carbon-neutral economy. Blattner has a strong and visible project backlog, and we believe their financial contribution will be accretive to Quanta's growth, margins, cash flow conversion and earnings per share," Duke Austin, Quanta President and CEO.
Quanta is advised by Lazard, Latham & Watkins and Sard Verbinnen & Co. Blattner is advised by JP Morgan.
Carlisle Companies, a supplier of innovative building envelope products and energy-efficient solutions, completed the acquisition of Henry Company, a provider of building envelope systems, from American Securities, a private equity firm, for $1.6bn.
"The acquisition of Henry, together with the announced divestiture of our Brake and Friction business in May, marks another meaningful evolution of our portfolio. These portfolio moves are consistent with our stated strategy to invest in CCM and diversify into a broader building products platform with a focus on the building envelope. More than half of Henry’s revenue is derived from products that improve energy efficiency, elevating Carlisle’s existing ESG narrative. By acquiring Henry and leveraging the Carlisle Experience across the business, I am confident that we will create significant value for all our stakeholders," Chris Koch, Carlisle Chairman, President and CEO.
Carlisle was advised by Goldman Sachs and Kirkland & Ellis. Goldman Sachs was advised by Cravath Swaine & Moore. American Securities was advised by Weil Gotshal and Manges.
Cogeco Communications, a communications corporation, completed the acquisition of the Cleveland and Columbus business of WideOpenWest, a broadband provider, for $1.1bn.
"We are pleased to reach these two agreements as WOW! takes a significant step toward accelerating our broadband-first growth strategy at a pivotal time in our industry. The substantial proceeds from these transactions reflect the attractiveness of our assets and the clear opportunity to expand our position as a trusted provider of reliable, accessible and fast broadband solutions. The divestiture of these markets will enable us to reduce our debt as we continue to execute our broadband-first strategy, including pursuing our Edge-out and greenfield strategies and expanding our commercial services," Teresa Elder, WOW! CEO.
Cogeco was advised by Credit Suisse. WideOpenWest was advised by Bank of America, Honigman Miller Schwartz & Cohn and Wachtell Lipton Rosen & Katz.
Stellantis, an automaker and a mobility provider, agreed to acquire First Investors Financial Services, an auto finance company, from Gallatin Point Capital, a private investment firm, and Jacobs Asset Management, a money manager, for $285m.
"This transaction marks a significant milestone in Stellantis' sales finance strategy in the critical US market. First Investors has an outstanding financial and operational platform, underpinned by a strong management team, with vast experience in the auto finance space. Direct ownership of a finance company in the US is a white-space opportunity which will allow Stellantis to provide our customers and dealers a complete range of financing options, including retail loans, leases, and floorplan financing in the near-to-medium term," Carlos Tavares, Stellantis CEO.
Stellantis is advised by Bank of America and Sullivan & Cromwell. Gallatin Point is advised by Ardea Partners and Goodwin Procter.
CVC Capital Partners and TA Associates agreed to acquire a stake in Mediaocean, a provider of advertising software solutions, from Vista Equity Partners, a private equity and venture capital firm. The transaction is expected to close in Q4 2021, subject to customary closing conditions including receipt of required regulatory approvals. Financial terms were not disclosed.
“As Mediaocean enters its next phase of growth with CVC and TA, we are doubling down on our global omnichannel advertising platform. Now, more than ever, agencies and their clients need an independent, open, and neutral operating system to manage media investment and grow their businesses. Mediaocean stands ready to deliver on the needs of the industry and help marketers market the way consumers consume – seamlessly across all channels at all times," Bill Wise, Mediaocean CEO.
CVC is advised by Macquarie Capital, Nomura and White & Case. TA Associates is advised by Goodwin Procter.
The HAVI Group, a company that operates businesses providing services in supply chain, sourcing, and consumer engagement, completed the acquisition of Pacific Market International, a global manufacturer of sustainable food and beverage container solutions. Financial terms were not disclosed.
“We are thrilled to announce the acquisition of PMI Worldwide as both companies have similar, strong cultures and values and are passionate about serving our customers in extraordinary ways. The combination of our businesses will deliver best-in-class sourcing and complementary supply chain leadership capabilities around the world," Frank Ravndal, HAVI CEO.
HAVI was advised by JP Morgan and Neal Gerber & Eisenberg. PMI Worldwide was advised by Robert W Baird and Perkins Coie.
Francisco Partners, an investment firm, agreed to acquire Follett School Solutions, a provider of software and content products, from Follett Corporation, a company that provides a variety of educational products to schools. Financial terms are not disclosed.
"FSS has played a pivotal leadership role in the development of content and technology solutions for schools everywhere, and as a result of this transition to Francisco Partners, we expect the business to significantly expand its reach across education,” Todd Litzsinger, Follett Corporation CEO and Chairman of the Board.
Follett School Solutions is advised by Thompson Drake. Francisco Partners is advised by Sloane & Company. Follett Corporation is advised by Morgan Stanley and Jones Day.
Hewlett Packard, an American multinational information technology company, completed the acquisition of Zerto, a provider of cloud data management and protection, for $374m.
"Data is now the most critical asset. With the explosive growth of data at the edge and across hybrid environments, organizations today face significant complexity in managing and protecting their data. Zerto’s market-leading cloud data management and protection software expands HPE GreenLake cloud data services, allowing customers to protect their data and rapidly act on insights, from edge to cloud," Antonio Neri, HPE President and CEO.
Hewlett was advised by Citigroup. Zerto was advised by JP Morgan and Fenwick & West.
Quarterhill, a growth-oriented company in the intelligent transportation system industry, completed the acquisition of Electronic Transaction Consultants, a transportation systems provider, from Align Capital, a private equity firm, for $150m.
"We believe Quarterhill shares our vision for the growth and potential in ITS, and in particular for tech-enabled tolling as an essential solution to help expand, upgrade and support transportation infrastructure. We believe joining Quarterhill will offer us a platform for growth and scale in both our core US market, as well as globally," Bret Kidd, ETC CEO.
Quarterhill was advised by JD Merit and Norton Rose Fulbright. Electronic Transaction Consultants was advised by McGuireWoods.
CI Financial, a global asset management firm, completed the acquisition of Radnor Financial Advisors, a wealth and investment management firm serving primarily high-net-worth families in the Greater Philadelphia region. Emigrant Partners, a minority shareholder in Radnor, exited its investment. Financial terms were not disclosed.
“We’re excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor. Adding such an experienced firm furthers our goal of building the leading wealth management platform in the United States. With a team of industry veterans dedicated to high-caliber client service, Radnor is an exemplary RIA and we’re proud to welcome them to CI," Kurt MacAlpine, CI CEO.
Radnor was advised by Alston & Bird. CI Financial was advised by Hogan Lovells and Gregory FCA.
UGI, a distributor and marketer of energy products and services, completed the acquisition of Mountaineer Gas, the largest gas local distribution company in West Virginia, for $540m.
“We are very pleased to complete this important acquisition and expand our core utility operations in the mid-Atlantic region. I am also confident that Dave will provide excellent leadership of Mountaineer,” Roger Perreault, UGI President and CEO.
UGI was advised by Goldman Sachs and Latham & Watkins.
Kahoot, a learning platform, ompleted the acquisition of Clever, a learning software provider, for $435m.
"Clever and Kahoot! are two purpose-led organizations that are equally passionate about education and unleashing the potential within every learner. Through this acquisition we see considerable potential to collaborate on education innovation to better service all our users - schools, teachers, students, parents and lifelong learners - and leveraging our global scale to offer Clever's unique platform worldwide. I'm excited to welcome Tyler and his team to the Kahoot! family," Eilert Hanoa, Kahoot CEO.
Kahoot was advised by Morrison & Foerster. Clever was advised by Whiteboard Advisors.
Bill.com, a provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for small and midsize businesses, completed the acquisition of Invoice2go, a mobile-first accounts receivable software provider, for $625m.
"We are investing to accelerate the adoption of our accounts receivable offering. The acquisition of Invoice2go will bring a leading product and a very talented team to Bill.com. It supports our strategy to invest in our platform to be a one-stop shop solution for businesses to transform their financial operations, make and receive payments, and manage their cash flow. Invoice2go’s international team and customer base will enable us to serve more businesses around the globe," René Lacerte, Bill.com CEO and Founder.
Bill.com was advised by Fenwick & West.
Oaktree Capital, an investment company, agreed to invest $250m in Priority Power, an independent energy services provider. Ara Partners, a Houston-based private equity firm, will continue to hold an ownership stake.
“Oaktree has played a significant role in the electricity markets for the past two decades. As a result of this investment, we will be able to stay ahead of the ramping demand for decarbonization, and as a result our clients will benefit. We are honored to add Oaktree as a partner, alongside our existing financial sponsor, Ara Partners," Brandon Schwertner, Priority Power CEO.
Priority Power is advised by Stifel.
LKCM Headwater Investments, a private equity investment firm, led a $200m Series A funding round in ProbablyMonsters, an operator of video game studio intended to unite, guide and empower talented game developers.
“We are excited to expand our partnership with ProbablyMonsters reflecting our confidence in the team’s strong progress executing their vision of developing a portfolio of games led by a proven, well-aligned, and exceptionally talented team in a thoughtfully developed culture since our initial investment in 2018,” Bryan King, LKCM Headwater Managing Partner.
ProbablyMonsters was advised by ONE PR Studio.
Tyler Technologies, a company that provides integrated software and technology services to the public sector, completed the acquisition of VendEngine, a privately-held cloud-based software provider, for $84m.
“Together, Tyler and VendEngine will provide a complete and robust cloud-based technology system aimed at making a positive impact on the courts and justice market, setting incarcerated individuals up for success, and reducing national recidivism rates,” Rusty Smith, Tyler President of the Courts & Justice Division.
Tyler Technologies was advised by Sard Verbinnen & Co.
US LBM, a distributor of specialty building materials, completed the acquisition of Mid-Cape Home Centers, a building products and home improvement company with six locations in the southern coastal region of Massachusetts. Financial terms were not disclosed.
"We're excited for this partnership with US LBM, which shares our focus on quality, service, community involvement and people. Together, Mid-Cape and US LBM will set an even higher bar, as we remain committed to our loyal customers, local communities and mission to be the supplier of choice in Southeastern Massachusetts. Our customers will have access to a wider range of technologies, materials and offerings while relying on the team they know and trust," Jack Stevenson, Mid-Cape President and General Manager.
Mid-Cape Home Centers was advised by Anchor Peabody.
Ingersoll Rand, a pumps and compressors manufacturer, said it would not participate in the decision of SPX Flow, a provider of manufacturing equipment for the nutrition, health and industrial sectors, to sell or merger.
In July, SPX Flow rejected Ingersoll Rand's $3.59bn bid to takeover the company with a 37% premium over last Friday's closing price and a premium of approximately 20% over SPX Flow's all-time high closing price, Reuters reported.
Motive Partners, a private equity firm, led a $100m Series B financing in Insurify, a virtual insurance agent. Additional investors included existing investors Viola FinTech, MassMutual Ventures, Nationwide, Hearst Ventures, Moneta VC, and new investors Viola Growth and Fort Ross Ventures.
“Our mission is to strengthen the trust between the customer and the agent by building the smartest, most reliable virtual insurance agent in the industry. We want to empower our customers to make the best decisions about their insurance and be confident that they can get immediate savings through our product,” Snejina Zacharia, Insurify founder and CEO.
Manitowoc, a manufacturer of cranes and lifting solutions, completed the acquisition of Aspen Equipment, a crane dealer, for $51m.
“We are pleased to welcome the Aspen team to the Manitowoc family. Our combined businesses provide unique synergies to accelerate our growth in the coming years. From a new machine perspective, Aspen’s upfitting business fits nicely with our National Crane boom truck business and will enable us to better serve key end markets, such as utility and telecommunications customers. Additionally, Aspen’s aftermarket business will complement our previously announced acquisition of H&E’s Crane business,” Aaron Ravenscroft, Manitowoc President and CEO.
Waste Connections, a provider of waste collection, transfer, disposal, and recycling services, completed the acquisition of E.L. Harvey & Sons, an environmental services company. Financial terms were not disclosed.
"The Harvey family has established one of the most respected companies in our industry, and we are honored to welcome Harvey to the Waste Connections family. Together with their continuing leadership team, we look forward to carrying on the Harvey name and further expanding its market position, as well as enhancing its strong culture of support for its employees, customers and communities," Worthing F. Jackman, Waste Connections President and CEO.
Chevron, an integrated energy company, and Bunge North America, an operator of agribusiness and food ingredient company, agreed to form a joint venture developing lower carbon intensity feedstocks. Financial terms were not disclosed.
“As the world’s largest oilseed processor, we are pleased to expand our partnership with an energy industry leader to increase our participation in the development of next generation, renewable fuels. Together, we share a commitment to sustainability and reducing carbon in the energy value chain. This relationship with Chevron would enable Bunge to better serve our farmer customers by accessing demand in the growing renewable fuels sector,” Greg Heckman, Bunge CEO.
A-Rod's SPAC ends Panini pursuit after losing license on NBA and NFL. (FS)
A-Rod, an investment firm owned by Alex Rodriguez, ended merger talks with Panini, a sports cards, stickers and other collectibles maker, after the company lost exclusive licenses related to the National Basketball Association and National Football League.
Slam, a SPAC formed in partnership between A-Rod and hedge fund Antara Capital, had been conducting due diligence on a transaction valuing Panini at $3bn. Talks were ended recently due to new deals signed between several sports leagues and Fanatics, a collectibles retailer.
Cue Health files for IPO after revenue gains.
Cue Health, a Covid test maker, filed for an IPO after a sharp gain of revenues this year, and listed the size of the offering as $100m. After the last funding round in 2020, the company was valued at $450m.
The rapid increase of product revenues showed $202m up from $15m in 2020 and erased its $47m annual loss to log net income of $33m, Bloomberg reported.
Cue Health is advised by Goldman Sachs, Morgan Stanley and Cowen.
US crypto exchange arm of Binance targets IPO in three years. (FS)
Binance.US could have an IPO in the next three years. Also the US arm of crypto exchange nears closing on a large private fundraising round in the next two months, reducing its control of the board.
"It is just going to do what Coinbase did," Changpeng Zhao, Binance Founder and CEO.
Dayone Capital Fund I closes at $630m with oversubscription. (FS)
Dayone Capital, a multi-stage consumer investment manager, announced the final closing of Dayone Capital Fund I, its first US-denominated private equity fund, with a total capital commitment exceeding $630m.
Dayone Fund I has been oversubscribed with the backing of a group of leading global institutional investors.
EMEA
E2open, a network-based provider of a 100% cloud-based, mission-critical, end-to-end supply chain management platform, completed the acquisition of BluJay Solutions, a cloud-based, logistics execution platform, for $1.7bn.
“We’re delighted to embark upon this strategic opportunity together, at a time when customers need the powerful combination of supply chain data, networks, and applications from planning through execution more than ever,” Andrew Kirkwood, BluJay Solutions CEO.
BluJay was advised by Goldman Sachs, Lazard, Latham & Watkins and Lewis. E2open was advised by Berenson & Co, Credit Suisse, Rothschild & Co, CMS, Kirkland & Ellis and WE Communications. Financial advisors were advised by Sullivan & Cromwell. Debt financing was provided by Credit Suisse and Goldman Sachs.
Private equity firms Advent International and GIC offered to acquire Swedish Orphan Biovitrum, a firm that focuses on rare diseases, primarily in hematology and immunology, for $8bn.
“The board believes that the terms of the offer recognise SOBI’s long-term growth prospects, as well as the risks associated with those prospects, and provide certainty, in cash, to shareholders,” SOBI.
Sobi is advised by Morgan Stanley and Mannheimer Swartling. GIC is advised by Linklaters. Advent is advised by Barclays, Evercore, JP Morgan, Roschier Attorneys, Weil Gotshal and Manges and Fogel & Partners.
Pollen Street Capital, an investment management company, agreed to acquire a majority stake in Ding, a mobile service. Financial terms are not disclosed.
“We are delighted to announce the investment by Pollen Street Capital. The addition of a strategic investor to our company marks an important milestone for Ding and sets us up for significant growth. Sixteen years ago, we set out with a mission to solve a real problem, to simplify how people separated from their loved ones could stay connected to those back home. At that time, the process was cumbersome and inefficient and today through Ding’s platform we have transformed how people stay connected. We are proud that we are now the global leader and have earned the trust of millions of customers all over the world," Mark Roden, Ding Founder and CEO.
Ding is advised by PricewaterhouseCoopers, Jefferies & Company, KPMG, A&L Goodbody and Davis Polk & Wardwell. Pollen Street is advised by Deloitte, Keefe Bruyette & Woods, Buckley Investment and McCann FitzGerald.
Mubadala agreed to acquire a 22% stake in the Tamar gas field from Delek Drilling, an Israeli energy oil & gas partnership, for $1.03bn.
"This transaction has the potential to be another major development in our ongoing vison for Natural Gas commercial strategic alignment in the Middle East, whereby Natural Gas becomes a source of collaboration in the region. We are proud to have signed this MoU following the Abraham Accords Peace Agreement between Israel and the UAE. The development is not only a significant endorsement of the quality of the Tamar reservoir and the Levant basin but also a major support for the East Mediterranean Natural Gas sector. I would like to thank my counter party at Mubadala Petroleum and our clients in Israel, Egypt and Jordan," Yossi Abu, Delek Drilling CEO.
Delek Drilling is advised by JP Morgan, Value Base M&A, Agmon & Co. Rosenberg Hacohen & Co and Camarco.
Mediaocean, a platform for omnichannel advertising, completed the acquisition of Flashtalking, an online advertising company, from TA Associates. Financial terms were not disclosed.
"Bringing together Mediaocean and Flashtalking is an incredible opportunity for our customers, employees, and the industry at large. Flashtalking is the source of truth for digital and CTV ads and Mediaocean is the system of record for all media. Combined, we will deliver comprehensive and future-forward solutions for omnichannel advertising. Most importantly, our platform is not compromised by media ownership so we can focus solely on driving outcomes for marketers and their agency partners," Bill Wise, Mediaocean CEO.
Flashtalking was advised by JP Morgan, Goodwin Procter and Travers Smith. Mediaocean was advised by Kirkland & Ellis.
Bain Capital, a private investment firm, agreed to acquire a stake in Berlin Brands Group, an operator of a portfolio of vertical commerce companies, from Ardian, an assets manager, for $700m.
"With Bain Capital's commitment and the additional funding secured, we have set our next milestone on our path to building a global house of brands. This allows us to tackle strategic goals of acquiring and developing brands globally, as well as the operational and logistical expansion. Bain Capital's experience working with founders worldwide will help us continue our evolution as a leading e-commerce company in scaling brands," Peter Chaljawski, BBG CEO.
Bain Capital is advised by Deutsche Bank and GCA Altium. Ardian is advised by GCA Altium.
Element Solutions, a specialty chemicals company, completed the acquisition of Coventya, a manufacturer and distributor of speciality chemicals, from Silverfleet Capital, a private equity firm, for $500m.
“This has long been a logical combination which we believe will provide customers with a broad suite of enhanced solutions that will be differentiated in our markets. I am incredibly proud of the team that has enabled Coventya’s success to date and thankful for their effort to build such an outstanding company. The future is bright for our business and its people, and we are all looking forward to becoming a part of the dynamic company that the team at Element Solutions is building," Erik Weyls, Coventya CEO.
Element Solutions was advised by Kekst CNC. Silverfleet was advised by Latham & Watkins.
Blue Prism in talks for takeover deal. (FS)
Blue Prism, a London-listed Intelligent Robotic Process Automation software company, is in talks with the private equity firms, TPG Capital and Vista Equity Partners, valuing the company at £1.1bn ($1.5bn).
The company trades at a sharp discount to its international peer group, battered by Covid-19 and an aversion among investors for UK stocks. Coast Capital, a fund which takes a private equity approach to investing in public markets and shareholder in Blue Prism, has already warned the board not to sell out on the cheap.
JD Sports may still have to sell Footasylum.
JD Sports, a Britain's sportswear retailer, may still have to sell Footasylum, a streetwear fashion and sports retailer, to address concerns about higher prices and fewer customer discounts.
The Competition and Markets Authority ordered JD Sports to sell it in May last year due to concerns about reduced competition after an inquiry about the acquisition of Footasylum in 2019.
Arnault restructures his Lagardere holdings.
Financiere Agache, a holding company owned by Bernard Arnault, exercised its option to sell its entire stake in Lagardere Capital, a holding company of Lagardere Group.
Financiere Agache will receive 3.9m Lagardere SA shares held by Lagardere Capital in exchange for its stake in Lagardere Capital.
Telefonica hires Barclays to seek a partner to fund the UK fibre network. (FS)
Telefonica, a Spanish telecom operator, hired investment banks Barclays and LionTree to seek a partner to finance Virgin Media O2, a British cable and mobile provider owned by Telefonica and Liberty Global.
Liberty Global plans to upgrade its network to full fibre by 2028 in operation worthing €4-5bn and raise its number of subscribers to 21m.
APAC
Allegro Funds, a transformation and turnaround private equity firm, completed the acquisition of Global Express business, which provides express parcel, freight delivery and domestic forwarding services, from Toll Group, an Australian transportation and logistics company, and Japan Post, an operator of post stations, banks, and insurance business, for $500m.
“The divestment is consistent with Toll’s strategy to focus on being a pre-eminent Asia-Pacific logistics provider through its core businesses in contract logistics and freight forwarding,” John Mullen, Toll Chairman.
Allegro Funds was advised by KPMG, Herbert Smith Freehills and Domestique. Debt financing was provided by Commonwealth Bank of Australia, Gordon Brothers and Scottish Pacific. Toll was advised by Deloitte, JP Morgan, Nomura and Ashurst.
AIA Group, an independent publicly listed pan-Asian life insurance group, completed the acquisition of the life insurance unit of Elliott Management-backed Bank of East Asia, a Hong Kong-based financial services group, for $653m.
“This transaction brings together two trusted financial institutions with a long history of operating in Hong Kong and Mainland China, who are aligned in the pursuit of sustainable growth powered by digital and technological transformation. It enables us to bring our in-branch sales expertise and range of quality protection and long-term savings products to BEA’s loyal customer base, with an opportunity to unlock significant growth potential for both companies," Jacky Chan, AIA Regional Chief Executive.
AIA Group was advised by JP Morgan, Morgan Stanley and Debevoise & Plimpton. BEA was advised by Goldman Sachs and Linklaters.
Centrient Pharmaceuticals, a manufacturer of beta-lactam antibiotics, completed the acquisition of Astral SteriTech, an international contract manufacturer specialized in sterile antibiotic powder injectable finished dosage forms. Financial terms were not disclosed.
"The acquisition of Astral SteriTech is a significant step forward on the journey we at Centrient have undertaken to become the preferred commercial partner to our customers in Semi-Synthetic Cephalosporin and Semi-Synthetic Penicillin antibiotics," Rex Clements, Centrient CEO.
Centrient was advised by Barclays, Sidley Austin and Trilegal. Astral SteriTech was advised by JP Morgan and Shardul Amarchand Mangaldas & Co.
PeptiDream, a biopharmaceutical company, agreed to acquire radiopharmaceutical business from FUJIFILM Toyama Chemical, a research biopharmaceutical company, for $273m.
Fujifilm has decided that it would be best to transfer FUJIFILM Toyama Chemical's radiopharmaceutical business to PeptiDream for further expansion and growth of such business, which is expected to have synergistic effects on drug discovery in combination with radiopharmaceutical products and PeptiDream’s proprietary peptide drug discovery development technology. FUJIFILM Toyama Chemical's radiopharmaceutical business will be succeeded to the new radiopharmaceutical company established by Fujifilm through absorption-type company split, and all outstanding shares of the new radiopharmaceutical company will be transferred to PeptiDream.
PeptiDream is advised by Merrill Lynch Japan Securities and Miura & Partners. FUJIFILM is advised by JP Morgan.
BNP Paribas in JV talks with China's AgBank. (FS)
The asset management arm of BNP Paribas, a French international banking group, is in talks to form a wealth management JV with an Agricultural Bank of China's unit. The French firm targets China's $19tn market.
The investment management arm of BNP Paribas will hold a majority stake in the planned JV with AgBank.
Lembaga Tabung Haji weighs taking TH Plantations private. (FS)
Lembaga Tabung Haji, a pilgrimage fund, considers taking private TH Plantations, an agricultural firm in which the fund owns 73.8%, after palm oil prices reached an all-time high in May.
The fund asked banks for proposals on the potential deal for the owner of TH Plantations.
Global Times called the US blocking Chinese acquisitions of global tech firms a "red flag".
Global Times, Chinese state-backed tabloid, called US efforts to block cross-border acquisitions of tech companies a "red flag".
Cross-border acquisitions have fallen apart due to government objections, requiring approval from regulators.
SGX halves minimum m-cap requirement for SPACs to $111m.
The Singapore Exchange allows SPACs to list at a lower minimum value of S$150m ($111m). Suggestion was S$300m ($223m).
"We want the SPAC process to result in good target companies listed on SGX, providing investors with more choice and opportunities. To achieve this, you can expect us to focus on the sponsors' quality and track record. We have also introduced requirements that increase sponsors' skin in the game and their alignment with shareholders' interests," Tan Boon Gin, Singapore Exchange Regulation CEO.
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